FROM COWRIE SHELLS TO BITCOIN

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V21 2018 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 21, Number 13, April 1, 2018, Article 32

Pablo Hoffman of New York City passed along this blog on the origin of money, noting that it is "better than most of these 'nutshell' survey articles." Thanks. Here's an excerpt - see the complete article online. The image is of a "Long strand of chain link probably used as a form of currency, Roman Empire, circa 2nd-4th century AD. " -Editor

chain link probably used as a form of currency in the Roman Empire

Before there were organized monetary systems, there was barter and trade. Some sources report evidence of compensation exchange in cultures dating back as far as 10,000 years ago. People with the ability to fish would connect with those who cultivated and harvested crops to exchange commodities.

While this form of trade was useful for many societies, it wasn’t without challenges. One of those challenges was finding a consistent party with whom to barter and trade the materials a person was capable of bringing to the table. Another challenge was the amount of time it could take to complete an exchange of goods – especially if one side of the exchange was dependent on crops that required many months to reach the point of harvest. Also, there was the question of how to value the commodities on both sides so there could be a fair exchange.

People living near the sea – the Pacific and Indian Oceans, primarily – took a different approach, implementing cowrie shells from sea snails as an accepted form of currency. It’s believed that the brightly patterned cowrie shell is one of the longest-tenured forms of currency anywhere. The first indication of its use dates to 1,200 BC. Even after the introduction of gold coins as a form of currency, some civilizations opted to continue using cowrie shells.

The leap from cowrie shells to metal monies first took place in China. Archeological discoveries have uncovered various specimens of primitive coins. This evolution within early Chinese culture is said to have been inspired by people initially exchanging tools and weapons. This led to the inventive idea of creating small replicas of these items for a safer and easier method of exchange. Ultimately, the small replicas, some with sharp edges, were cast aside in favor of circular discs, often made of copper and bronze.

The chain is nicely displayed for sale, but were these really used for money or jewelry purposes? This is the first I've seen such a reference. Where is this documented? -Editor